MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	INTER GOLD GEMS PRIVATE LIMITED (w.e.f. 12.03.2001)
Formerly Known As :	INTER GOLD GEMS LIMITED
Registered Office :	2A 2B 2C 58/60, Jariwala Mension, Hughes Road, Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.1991
Com. Reg. No.:	11-061736
Capital Investment/ Paid-up Capital:	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U36911MH1991PTC061736
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04878G
PAN No.: [Permanent Account No.]	AAAC11062K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Retail Business of Jewellery.
No. of Employees:	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. Profitability of the company is under pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Devkishan
Designation :	Account Manager
Date :	10.10.2011

LOCATIONS

Registered Office :	2A 2B 2C 58/60, Jariwala Mension, Hughes Road, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-30617777/ 23681610
Fax No.:	91-22-30617778
E-Mail :	vijay.jain@orra.co.in
Head Office :	Asiad Plaza, 2^nd Floor, Opposite Poddar School and College, S V Road, Santacruz (West), Mumbai – 400054, Maharashtra , India
Tel. No.:	91-22-30617777 / 28870215 / 2567 / 5657
Mobile No:	91-9324511216
Fax No.:	91-22-30617778 / 28461456

DIRECTORS

As on 27.08.2010

Name :	Mr. Harshad Ramniklal Mehta
Designation :	Director
Address :	91, Vijaydeep 31, Ridge Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	15.08.1947
Date of Appointment :	27.12.2002
DIN No:	00050006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110KA1986PLC007423	I B I S Healthaids Limited	Director	04-04-90	04-04-90	-	Active	NO
2	U99999MH1985PTC036278	Inter Gold India Private Limited	Director	04-09-96	04-09-96	-	Active	NO
3	U36911MH1994PTC081352	International Gold Company Private Limited	Director	16-12-97	16-12-97	-	Active	NO
4	U36911MH1998PTC114312	Rosy Blue (India) Private Limited	Director	01-04-98	01-04-98	-	Active	NO
5	U92110MH1995PTC088990	Film Waves Combine Private Limited	Director	24-04-98	24-04-98	-	Active	NO
6	U36911MH1991PTC063342	Luckystar Jewellery Exports (India) Private Limited	Director	04-01-00	04-01-00	-	Active	NO
7	U36911MH1991PTC061736	Inter Gold Gems Private Limited	Director	27-12-02	27-12-02	-	Active	NO
8	U36900MH2000PTC127744	Josh Diamonds Private Limited	Director	05-09-03	05-09-03	-	Active	NO
9	U92100MH1993NPL071488	Garware Club House	Director	26-09-03	26-09-03	-	Active	NO
10	U36911MH2003PTC140342	Intercarat Jewellry Private Limited	Director	22-06-05	22-06-05	-	Active	NO
11	U45202PN2007PTC130162	Sand Rock Developers Private Limited	Director	07-06-07	07-06-07	27-08-07	Active	YES
12	U45400MH2010PTC200873	Oni Shelter and Lifestyles Private Limited	Director	13-03-10	13-03-10	-	Active	NO
13	U36911MH2006PTC162649	Josh Jewels (India) Private Limited	Director	22-05-10	22-05-10	-	Active	NO
14	U92412MH2010PTC208381	Kochi Cricket Private Limited	Additional director	20-10-10	20-10-10	-	Active	NO

Name :	Mr. Russell Arunkumar Mehta
Designation :	Director
Address :	Cliff, 25-B.G. Kher Marg, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.12.1961
Date of Appointment :	17.08.2002
DIN No:	00049766

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1985PTC036278	Inter Gold India Private Limited	Director	06-09-90	06-09-90	-	Active	NO
2	U65990MH1984PTC032490	Cheay Investments Private Limited	Director	10-09-91	10-09-91	-	Active	NO
3	U67120MH1991PTC063321	B Arunkumar Capital and Credit Services Private Limited	Director	19-09-91	19-09-91	-	Active	NO
4	U01110MH1993PTC070820	Sahapur Plantations and Orchard Private Limited	Director	19-02-93	19-02-93	-	Active	NO
5	U65990MH1994PTC080450	Rosy Blue Securities Private Limited	Director	18-08-94	18-08-94	-	Active	NO
6	U36911MH1998PTC114312	Rosy Blue (India) Private Limited	Managing director	08-12-10	03-10-98	-	Active	NO
7	U36911MH1991PTC061736	Inter Gold Gems Private Limited	Director	17-08-02	17-08-02	-	Active	NO
8	U70100MH2002PTC137184	A. A. Jewellery Private Limited	Director	26-12-02	26-12-02	-	Active	NO
9	U36900MH2000PTC127744	Josh Diamonds Private Limited	Director	03-03-03	03-03-03	-	Active	NO
10	U51398MH2003PTC138686	Sitara Diamond Private Limited	Director	01-06-03	01-06-03	02-03-11	Active	NO
11	U67120MH1994PTC077544	Shah Mehta Holding Private Limited	Director	16-08-03	16-08-03	-	Active	NO
12	U61100MH2004PTC146351	Almaz Luxury Liners Private Limited	Director	17-05-04	17-05-04	-	Active	NO
13	U74210MH1984PTC033159	Conwood Apartments and Resorts Private Limited	Director	01-07-04	01-07-04	-	Active	NO
14	U72900MH2000PTC123750	Tycarati Jewellery Private Limited	Director	17-07-04	17-07-04	11-01-11	Active	NO
15	U65993MH2005PTC152862	Belindia Finance and Investments Private Limited	Director	27-04-05	27-04-05	-	Active	NO
16	U36912MH2005PTC156215	Orra Diamonds Private Limited	Director	21-09-05	21-09-05	-	Active	NO
17	U74140MH2006PTC164099	RB One Source Private Limited	Director	26-08-06	26-08-06	-	Active	NO
18	U45201MH2006PTC165130	Pancharatna Properties Private Limited	Director	16-10-06	16-10-06	26-10-09	Active	NO
19	U45201MH2006PLC165571	Abhiruchi Properties Limited	Director	01-03-07	01-03-07	11-03-08	Active	NO
20	U85195MH2007PTC174613	OralCDx India Private Limited	Director	28-09-07	28-09-07	17-03-08	Active	NO
21	U45202MH2008PTC180818	Rosy Blue Properties Private Limited	Director	03-04-08	03-04-08	-	Active	NO
22	U74990MH2009PTC189978	Diva Cosmocare (India) Private Limited	Director	29-01-09	29-01-09	-	Active	NO
23	U72900MH2008PTC181616	NexSales Solutions Private Limited	Director	30-09-10	22-03-10	-	Active	NO
24	U75220MH2010NPL208460	Rosy Blue Foundation	Director	30-09-10	30-09-10	-	Active	NO

Name :	Mr. Vijay Nirmalkumar Jain
Designation :	Director
Address :	10, Hanvant Bhavan, 80 E Napean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	12.09.1968
Date of Appointment :	27.12.2002
DIN No:	01548992

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36911MH1991PTC061736	Inter Gold Gems Private Limited	Director	27-12-02	27-12-02	-	Active	NO
2	U51494MH2004PTC149386	Orum Enterprises Private Limited	Director	03-11-04	03-11-04	-	Active	NO
3	U92300MH2005PTC154783	Maya Exim Private Limited	Director	14-07-05	14-07-05	-	Active	NO
4	U91990MH2005NPL154999	All India Gems and Jewellery Trade Federation	Director	22-07-05	22-07-05	20-12-07	Active	NO
5	U36912MH2005PTC156215	Orra Diamonds Private Limited	Director	21-09-05	21-09-05	-	Active	NO
6	U74990MH2009PTC189978	Diva Cosmocare (India) Private Limited	Director	29-01-09	29-01-09	-	Active	NO

Name :	Rihen Mehta
Designation :	Director
Address :	91, Vijaydeep 31, Ridge Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Appointment :	31.03.2007
DIN No:	00016784

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36911MH1998PTC114312	Rosy Blue (India) Private Limited	Director	15-11-02	15-11-02	-	Active	NO
2	U67120MH1994PTC077544	Shah Mehta Holding Private Limited	Director	23-04-04	23-04-04	-	Active	NO
3	U70101MH1993PTC074772	Blueheaven Properties Private Limited	Director	28-03-06	28-03-06	-	Active	NO
4	U70101MH1993PTC074771	Vista Properties Private Limited	Director	28-03-06	28-03-06	-	Active	NO
5	U36911MH2006PTC162649	Josh Jewels (India) Private Limited	Director	15-06-06	15-06-06	-	Active	NO
6	U36911MH1991PTC061736	Inter Gold Gems Private Limited	Director	31-03-07	31-03-07	-	Active	NO
7	U36911MH2007PTC171538	Alianza Jewels Private Limited	Director	25-09-08	20-11-07	-	Active	NO
8	U36911MH1994PTC081352	International Gold Company Private Limited	Director	29-09-09	03-02-09	-	Active	NO
9	U36911MH1991PTC063342	Luckystar Jewellery EXports (India) Private Limited	Director	29-09-09	03-02-09	-	Active	NO
10	U92110MH1995PTC088990	Film Waves Combine Private Limited	Director	23-09-10	26-03-10	-	Active	NO

Name :	Mona Rusell Mehta
Designation :	Whole Time Director
Address :	Cliff soc, 25-B.G. Kher Marg, Ridge Road, Mumbai – 400006, India
Date of Birth/Age :	07.12.1965
Date of Appointment :	01.04.2008
DIN No:	02756458

KEY EXECUTIVES

Name :	Mr. Devkishan
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.08.2010

Names of Shareholders	No. of Shares
Vijay Nirmalkumar Jain	200000
Soignee Kothari	50
Rosy Blue India Private Limited	3745950
Inter Gold India Private Limited	4000
Kajal R Kapadia	100000
Total	4050000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Bodies corporate	92.60
Directors or relatives of Directors	7.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Retail Business of Jewellery.

Products :

Product Description	ITC Code
Diamond Studded Gold Jewellery	71131903
Plain Gold Jewellery	71131903
Precious and Jewellery	71131903

PRODUCTION STATUS AS ON 31.03.2010

Licenced Capacity: Not Applicable

Installed Capacity: The company does not have any manufacturing facility of its own jewellery is manufactured on job work basis by third parties under the supervision and instruction of the company.

Particulars Precious Metals Plain and Studded Jewellery	Unit	Actual Production (on job work from others)
Bangles	Pcs	1483
Bracelets	Pcs	76
Earrings	Pcs	2548
Necklaces	Pcs	893
Pendants	Pcs	3647
Rings	Pcs	3322
Others	Pcs	23528
Total		35497

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

• ING Vysya Bank Limited, Patel Chambers, Mumbai – 400004, Maharashtra, India
• Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Banks – Working Capital (Secured loan against hypothecation of inventories, book debts and personal guarantee of one of the directors and corporate guarantee of the holding company)	198.168	227.245
Total	198.168	227.245
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From a holding company	792.065	727.065
From Shareholders	0.000	2.442
Security Deposits	0.900	1.500
Total	792.965	731.007

Banking Relations :	--
Auditors :
Name :	M.M Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B –Wing, 3^rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel No:	91-22-24949991
Fax No:	91-22-24949995
PAN No.:	AAAFM5103E
Holding Company :	Rosy Blue (India) Private Limited CIN No: U36911MH1998PTC114312
Subsidiary Company :	Diva Cosmocare (India) Private Limited CIN No: U74990MH2009PTC189978
Fellow Subsidiaries:	· A.A. Jewellery Private Limited · Conwood Apt and Resort Private Limited · Josh Jewels (India) Private Limited · Inter Gold (India) Private Limited · International Gold Company Limited · R B Properties Private Limited
Associates:	· Josh Diamonds Private Limited · Cheay Investment Private Limited · B Arunkumar Capital and Credit Services Private Limited · Lucky Star Jewellery Export India Private Limited · Blue Heaven Property Private Limited · Bell India Finance and Investments Private Limited · Orra Diamonds Private Limited · B Arunkumar and Company · Film Waves Combine Private Limited · Tycarati Jewellery Private Limited · Orum Enterprises Private Limited · Vista Properties Private Limited · Alianza Jewels Private Limited

CAPITAL STRUCTURE

As on 27.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs. 10/- each	Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4050000	Equity Shares	Rs. 10/- each	Rs. 40.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Note: Of the above 1695850 Shares are held by the Holding Company Rosyblue India Private Limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(363.925)	(314.677)	(259.675)
NETWORTH		(343.925)	(294.677)	(239.675)
LOAN FUNDS
1] Secured Loans		198.168	227.245	97.906
2] Unsecured Loans		792.965	731.007	581.775
TOTAL BORROWING		991.133	958.252	679.681
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		647.208	663.575	440.006
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.355	116.465	95.986
Capital work-in-progress		1.586	1.950	3.275
INVESTMENT		0.055	0.055	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	816.540	638.383	490.435
	Sundry Debtors	22.635	21.682	16.616
	Cash & Bank Balances	8.985	15.113	10.091
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	61.449	67.331	62.507
Total Current Assets		909.609	742.509	579.649
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	314.112	131.570	190.085
	Other Current Liabilities	60.248	59.441	42.192
	Provisions	3.037	6.393	6.627
Total Current Liabilities		377.397	197.404	238.904
Net Current Assets		532.212	545.105	340.745
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		647.208	663.575	440.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1281.110	842.467	746.162
		Other Income	5.134	5.509	2.938
		TOTAL	1286.244	847.976	749.100
Less	EXPENSES
		Manufacturing Expenses	795.704	542.136	426.423
		Purchases – Traded Goods	346.349	262.899	189.068
		Employee cost	70.334	65.969	54.156
		Other Expenses	254.757	195.600	158.726
		Stock Differential	(178.222)	(206.332)	(110.213)
		TOTAL	1288.922	860.272	718.160
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(2.678)	(12.296)	30.940
Less	FINANCIAL EXPENSES		28.507	27.973	18.298
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(31.185)	(40.269)	12.642
Less/ Add	DEPRECIATION/ AMORTISATION		18.148	16.792	15.314
	PROFIT/ (LOSS) BEFORE TAX		(49.333)	(57.061)	(2.673)
Less	PROVISION FOR FRINGE BENEFIT TAX		0.000	1.050	1.200
	PROFIT/ (LOSS) AFTER TAX		(49.333)	(58.111)	(3.873)
Add	PRIOR PERIOD ITEMS		0.000	3.110	0.000
	PROFIT/ (LOSS) AFTER PRIOR PERIOD ITEM		(49.333)	(55.001)	(3.873)
Add	EXCESS PROVISION FOR TAX		0.085	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(49.248)	(55.001)	(3.873)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(314.676)	(259.675)	(255.802)
	BALANCE CARRIED TO THE B/S		(363.924)	(314.676)	(259.675)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Export	32.485	75.539	0.383
	TOTAL EARNINGS		32.485	75.539	0.383
	IMPORTS
		C.I.F Value of Imports	49.131	73.468	16.696
	TOTAL IMPORTS		49.131	73.468	16.696
	Earnings/ (Loss) Per Share (Rs.)		(24.67)	(29.06)	(1.94)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(3.82)	(6.48)	(0.51)
Net Profit Margin (PBT/Sales)	(%)	(3.85)	(6.77)	(0.35)
Return on Total Assets (PBT/Total Assets}	(%)	(4.81)	(6.62)	(0.39)
Return on Investment (ROI) (PBT/Networth)		(0.14)	(0.19)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		3.97	3.92	3.83s
Current Ratio (Current Asset/Current Liability)		2.41	3.76	2.42

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	314.112	131.570	190.085
Total	314.112	131.570	190.085

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 millions and is rated amongst the fastest growing in the world. India ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 20000.000 Millions lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends

FORM 8:

Corporate identity number of the company	U36911MH1991PTC061736
Name of the company	INTER GOLD GEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 A 2B 2C 58/60, Jariwala Mension, Hughes Road, Mumbai- 400007, Maharashtra, India Email: vijay.jain@orra.co.in
This form is for	Creation of Charge
Type of charge	Book debts Movable property (not being pledge) Floating Charge
Particular of charge holder	Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi- 110001, India Email: Prerana.chavan@sc.com
Nature of instrument creating charge	As per the Deed of Hypothecation
Date of instrument Creating the charge	27.08.2010
Amount secured by the charge	Rs.550.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time Margin: As applicable, if any. Extent and operation of the charge: The Bank will have charge over Movable fixed assets, stocks (such as raw materials / stock in process / finished goods etc) and book debts (including all monies / bills receivables etc)
Short Particulars of the property or assets charged	1). The Bank will have charge over Movable fixed assets, stocks (such as raw materials / stock in process / finished goods etc) and book debts (including all monies / bills receivables etc)

Fixed Assets:

· Leasehold Premises

· Improvement to Lease Hold Premises

· Electrical Installation and Other Equipments

· Furniture and Fixtures

· Computers

· Vehicles

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.03
UK Pound	1	Rs.76.59
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.